This is the nearest hotel to the tournament venue (5 minutes by foot) as well as the cheapest (currently £36 per night for a twin room - £18 per person per night). To book go to www.premierinn.com - the hotel that you need to book is called Leicester (Braunstone) (it's the 5th one down if you type Leicester into the search box). This hotel is also next to the pub where we will most likely go for food/drink on the Saturady night.
Hilton
This is where Chris, Angelo and Cedrik are staying but it is a little further away (30 minutes by foot - but only a couple of minutes by car) and more expensive than the Premier Inn (currently £63 per night for a double room - I couldn't find any twin rooms

Let me know if you need details of any other hotels. My personal feeling is that you won't be able to do better in terms of both value and convenience than the Premier Inn.